My wife and I bought our home in Olathe in 2007. This spring we got a divorce. Recently, I have been laid off from work and can't keep up on the mortgage. I offered to let my ex-wife have the home, but she is not in position to make the mortgage either. I had an appraisal done on the home and found out that my home is worth much less than what I owe on the home. What can I do?

Question: My wife and I bought our home in Olathe in 2007. This spring we got a divorce. Recently, I have been laid off from work and can't keep up on the mortgage. I offered to let my ex-wife have the home, but she is not in position to make the mortgage either. I had an appraisal done on the home and found out that my home is worth much less than what I owe on the home. What can I do?
Jeremy G. from Olathe, Kansas.


Answer: Sorry to hear about your situation, Jeremy. Although I would prepare for a short sale, I would first request a loan modification from your lender. Your lender should offer some options. Mortgage lenders are getting much more aggressive in working out short sales in Kansas. Since time is of the essence, I would also hire a real estate agent who specializes or has experience with short sales immediately. 


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